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Ambac Removed
From S&P Index

Updated June 4, 2008 12:01 a.m. ET

NEW YORK -- Bond insurer Ambac Financial Group Inc. is being removed from the Standard & Poor's 500-stock index after the close of trading on June 10, due to the sharp fall in its market capitalization as it has been weighed down by the credit crunch.

"As of today's close of trading, Ambac's market capitalization was roughly $860 million, ranking 500th in the index," said S&P in an announcement after the close on...